BANKRUPTCY: Laventhol's Number Is Up

Laventhol's Number Is Up

While it was minding everyone else's business, Laventhol & Horwath apparently should have been minding its own. Last week Robert Levine, CEO and executive partner of the Philadelphia-based accounting firm, announced that gallons of red ink added up to a black day and that the company was filing for Chapter 11 protection from its hordes of creditors. Ultimately, it was neither creditors nor clients who pulled the plug on the failing firm; it was Laventhol's partners themselves. Confronted by an $85 million bank debt and enormous litigation costs, the partners decided they could not afford to save the firm. "My management...

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